{
  "docId": "019dd923-622c-750b-8b9c-e7508bf92a94",
  "docSlug": "84e240d51920",
  "documentTitle": "Huntsman Corporation (HUN)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-02-28 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 219,
  "pageCount": 238,
  "prevPage": 218,
  "nextPage": 220,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 32,
  "notes": "The slide uses a line chart to contrast Huntsman's performance against peers, specifically calling out the contradiction between expected stability and observed volatility.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "line_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-e7508bf92a94/219",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-e7508bf92a94",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-e7508bf92a94.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-e7508bf92a94#slide-219",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.3,
        "x": 0.65,
        "y": 0.35
      },
      "kind": "callout",
      "text": "Unsurprisingly, Covestro’s polyurethanes business has the greatest pricing volatility given it has the greatest proportion of component sales",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "362a5e30-ce3a-40d6-90aa-c6a3be3338af",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.25,
        "x": 0.35,
        "y": 0.35
      },
      "kind": "callout",
      "text": "The downstream systems portion of BASF’s polyurethane business has significantly greater pricing stability relative to peers",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d9e5627a-485c-4a1e-92f4-b3fe6d237995",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.35,
        "x": 0.55,
        "y": 0.6
      },
      "kind": "callout",
      "text": "Surprisingly, Huntsman’s polyurethanes business seems to have more volatile pricing than BASF, despite having greater downstream exposure",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e3a8bf31-14b3-4487-92fc-60fd89f442a3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Surprisingly, Huntsman’s polyurethanes business seems to have more volatile pricing than BASF, despite having greater downstream exposure.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14db-7299-bdee-f5c24f334b52",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.9,
        "x": 0.05,
        "y": 0.25
      },
      "kind": "chart",
      "text": "Historical Change in Pricing – Huntsman vs. Peers",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0a13d5f0-9471-423a-b050-fac638e50758",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "pricing volatility",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14db-7299-bdee-fac6e6f48771",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.13
      },
      "kind": "paragraph",
      "text": "Huntsman’s Polyurethanes division exhibits greater pricing volatility than we would expect given its exposure to downstream systems that should have more stable, value-based pricing.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7d345bd0-aa7a-4e5b-b129-9c1c7ae17bab",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "Source: Public company filings. (1) Peers selected partially based on companies listed in Huntsman’s 2021 Investor Day presentation...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "12a1e11b-ed57-48f9-ac68-d04f3465c30f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.9,
        "x": 0.05,
        "y": 0.88
      },
      "kind": "title",
      "text": "We are surprised by Huntsman’s Polyurethanes division’s relatively high pricing volatility.",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1208a933-5720-4769-8bee-c5618d1a7c73",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.03
      },
      "kind": "title",
      "text": "In Addition, Huntsman’s Pricing Seems Surprisingly Volatile Given Its Exposure to Downstream Systems",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2f4011f1-2aa8-444c-bcad-fbbe97370797",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "4d34633c-7f93-48a0-86cf-770fa581242b",
      "evidence": "Contrasts expected downstream stability with observed volatility in Huntsman's pricing.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}